Bitcoin hit a new all-time high on Wednesday morning. At the time of writing, it was trading as high as $ 64,780 per coin – an 825% increase from that time last year and an increase of more than 120% since early 2021.

The increase is due to Coinbase Global, Inc. (NASDAQ: COIN) being listed on the Nasdaq exchange, making it the first public cryptocurrency exchange trading.

With over 56 million users, Coinbase is one of the largest providers in the cryptocurrency market.

According to the company profile on Yahoo! Finance The San Francisco-based company offers customers “a platform to invest, store, spend, earn and use crypto assets”. The platform includes “an online marketplace for hedge funds, money managers and companies” as well as individual investors.

After much anticipation, COIN opened at 1:25 p.m. Eastern and the first trade was executed at $ 381 per share. Since then, it has traded $ 429.54, giving the company a valuation of more than $ 110 billion.

Coinbase went public via a direct listing, which means the company does not sell shares upfront or go through an underwriter. There is also no blocking period in a direct listing. All existing investors can sell their shares once trading opens.

According to Reuters, the company received $ 8 billion in its most recent funding round in 2018. In the first quarter of 2021, the average price for a share of COIN in private markets was $ 343.58, giving the company a valuation of around $ 68 billion.

In an April press release, according to CNBC, Coinbase reported estimated sales of $ 1.8 billion in the first quarter, an increase of more than 200% from the previous quarter and an increase of more than 840% from the first quarter of 2020.

For comparison: Nasdaq, Inc. (NASDAQ: NDAQ), the parent company of the Nasdaq exchange, has a market capitalization of approximately $ 26 billion. And Intercontinental Exchange, Inc. (NYSE: ICE), the parent company of the New York Stock Exchange, has a market capitalization of $ 67 billion.

Coinbase’s initial public offering is another step on the long road to cryptocurrency as it joins the mainstream financial world. As we reported last month, Visa Inc. (NYSE: V) and PayPal Holdings, Inc. (NASDAQ: PYPL) recently expanded their payment options to allow for greater use of crypto.

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